That is a good point, if you don't factor it in as percentage of GDP then it is a hideously scary number, but as a factor of the GDP it isn't so bad. The tricky part is how to use that to fix the debt and how long it'll take to do that.
Now, this whole economic crisis is going to burn itself out in the next few years and there'll be lots of patting each other on the back for 'fixing' it but the problem will remain because it's not a financial problem it's a global sociological problem that is caused by our own nature. We all want what we don't have, we all want what someone else has, all that finances do is make it easier for us to do this and put away paying for it until a later date. This works for both the average Joe and the US Senate and Chinese Politburo, although obviously the way the Chinese government works makes it a bit easier to regulate what its people can gain access to, but even then the thriving knock-off market and corruption makes access to goods easier depending on who you know and what you can provide them with.
Skybirds comment from the chap from Brazil has some merit, however in a few generations time Brazil may, and probably will, find itself in a similar position to America, because its current generations will have enjoyed their quality of life that has come through financial bargaining and they will be unwilling to give it up, and I can't blame them, there are few here and now that would want to give up things like satellite television, internet access, easy to cook food, and good workplace regulations on safety and pay even if it is for their children or their childrens children. One or two people might, but the overwhelming might of society will not, and that is something that you'll be hard put to change.
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